CSFB Real Estate Capital Partners, part of Credit Suisse First Boston's Alternative Capital Division (ACD), has successfully sold its portfolio of three well-located properties in the centre of Rome to an Italian private investor for an undisclosed amount.
The portfolio was acquired in mid-2004. Originally it was envisaged that the portfolio would undergo an active management programme to improve rental income. After successfully extending a major lease and given the strength of the market the portfolio was sold in December 2005 at an attractive return to the fund.
"This exit concludes the first successful collaboration between CSFB Real Estate Capital Partners and Realty Partners, a minority investor in the deal and a local operating partner," said George Kountouris, European Head of CSFB's Real Estate Capital Partners.
Source: Credit Suisse